Precious and few.While platinum, gold and silver are considered the precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. , their usually more plentiful nonferrous non·fer·rous adj. 1. Not composed of or containing iron. 2. Of or relating to metals other than iron. nonferrous Adjective 1. cousins aluminum and copper are taking on collector's item collector's item Noun an object highly valued by collectors for its beauty or rarity Noun 1. collector's item - the outstanding item (the prize piece or main exhibit) in a collection piece de resistance, showpiece attributes. Dealers from throughout the U.S. report tight aluminum and copper scrap supplies, while demand from overseas buyers continues unabated un·a·bat·ed adj. Sustaining an original intensity or maintaining full force with no decrease: an unabated windstorm; a battle fought with unabated violence. . It is unclear whether a domestic manufacturing resurgence might increase scrap volumes--though such a scenario is also likely to increase nonferrous scrap demand at domestic smelters, mills and refineries. In any event, pricing entered 2004 on an upward course, and the declining value of the U.S. dollar has created the hope that a domestic manufacturing resurgence (based on exports) might be possible in the near term. Any U.S. resurgence might be considered secondary to China's powerhouse industrial sector. One East Coast scrap dealer scrap dealer n → chatarrero/a scrap dealer n → marchand m de ferraille scrap dealer scrap n → says, "Not that long ago, U.S. market conditions came first when calculating commodity prices, then the rest of the world. Now China is first, then the rest of the world." He says Shanghai nonferrous scrap prices spent several months running above U.S. and European prices, while buyers in those countries waited for Shanghai to "get back in line" with New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and London pricing. Instead, North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. and European pricing has escalated to catch up with the Shanghai pricing. "Shanghai was correct while the rest of the world lagged in its demand and pricing," he remarks. "Chinese buyers will do what needs to be done to procure metal--They need to have the copper units to keep running." During much of the price run-up, the consensus seemed to be that dealers were enjoying good margins on the sale of scrap, while consumers were being squeezed by high scrap prices and stagnant stagnant /stag·nant/ (stag´nant) 1. motionless; not flowing or moving. 2. inactive; not developing or progressing. finished product pricing. The chief dealer complaint continues to lie in the difficulty of procuring scrap, with most dealers preferring the higher pricing climate as a potential margin-builder.
Average U.S. Refiners Buying
Prices for No.2 Copper Scrap
(cents per pound)
Dec02 61.33 cents
Jan03 62.38 cents
Feb 64.11 cents
Mar 64.26 cents
Apr 61.80 cents
May 65.43 cents
June 67.36 cents
July 68.23 cents
Aug 69.43 cents
Sept 72.67 cents
Oct 77.85 cents
Nov 82.81 cents
Dec 89.69 cents
Source: American Metal Market
Note: Table made from bar graph.
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